Bitget Exchange Hit for $351M as Cyberattackers Exploit Backend Vulnerability
The Bitget cryptocurrency exchange has suffered a significant loss of approximately $351.6 million due to a cyberattack on its wallet infrastructure, making it one of the largest incidents in the crypto industry this year.
According to an investigation by the exchange's management, the attackers compromised a critical backend component of Bitget's wallet infrastructure, allowing them to tamper with transaction data and trigger the internal withdrawal authorization process.
The attack affected both hot and warm wallets at Bitget, but fortunately, the cold wallets remained secure. The exchange immediately halted further unauthorized transfers and suspended withdrawals while conducting security checks. Trading and deposits continued uninterrupted during this period.
Bitget has stated that user losses will be covered by its own User Protection Fund, which had exceeded $464 million at the time of the incident.